Nomura Thwarted Over Pension Plans

The Guardian reports that former employees of Thorn have stopped Nomura from taking the £100m surplus from their pension scheme.

Nomura purchased the Thorn TV rental business in 1998 and, along with the business, acquired the company £1bn pension fund. Nomura had hoped to take half of the £100m surplus for itself, with the remaining £50m going to pay enhanced benefits for pensioners. These plans have now been put on ice after Thorn pensioners kicked up a stink and took the matter up with pension watch-dog Opra.

The case was due to be settled at a hearing in February, but Nomura has now walked away from the fight, claiming that the trustees will 'hold on to the surplus for the moment.' Nomura always claimed that it were entitled to dispose of the surplus as it saw fit, but pensioners were angry that their fund was to be 'raped' as no company contributions had been made for around 10 years.